Credit card debt vs personal loans

[bogoss83]

Here is my situation, i have 3 personal loans equaling a total of 19k in debt and a total of 7k in debt on credit cards. What do you guys think i should focus on eliminating first? Loans or credit?? Which will increase my score better and allow me to obtain more credit in the future?

[Kenny]

Financial wise, I would personally pay off whichever had the highest interest rate. (Or what would cost you the most money, is what I mean to say.)

I would not worry right now about obtaining more credit. 

[user5387]

Credit card debt is typically harder on your score than an installment loan.

However, we would need more details of your situation.  Are the personal loans on your report?  What are the interest rates for the loans and the credit cards?  What is your credit card utilization?

[bogoss83]

Penfed loan 10K 9%

OneMain financial 6500 23%

Lending club 3200 left 18%

credit cards 50% util

[09Lexie]

Since looking for credit should be off the table- start with One Main Financial, then Lending Club. Are the aprs on the cc's just as high?

[user5387]

I think I would focus on paying down your debts.

If you reduce the CC utilization, your scores may go up, but the situation still looks bad to an underwriter.

Is there any chance that you can find a CU that will offer you a lower-rate consolidation of all your debt?  Are you eligible for NFCU?

[bogoss83]

No, AMEX delta is the highest at 19% i believe, but util on it is below 50%. Evertything else is below 10%

[bogoss83]

Also, i have an Amex platinum, i pay it off in full every month, do u think they might shut it down because of my high debt? I was flagged for financial review 3 months ago and survived it

[09Lexie]

How soon are you looking to add more credit?

[bogoss83]

1 year from now. I would like to know what to focus on as i will need to obtain a few personal loans for a business